by Refractories are heat-resistant materials that form a thermal barrier and protect furnaces or fireplaces from melting under high temperature in industrial processes. Refractories are used in lining of high temperature furnaces, kilns, incinerators and other heated equipment in various industries such as iron & steel, non-ferrous metals, glass, cement and energy & chemicals. Refractories provide thermal protection, corrosion and erosion resistance and are used to withstand high temperature as high as 3000°C while they are in close proximity to the heat source. The global refractories market is estimated to be valued at US$ 66374.39 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
One of the key trends in the refractories market is the development of green refractories. Conventional refractories release greenhouse gasses and other emissions during their production as well as combustion which adversely impacts the environment. Moreover, increased awareness regarding global warming and climate change has driven the demand for eco-friendly products across different industries. To fulfill this demand, manufacturers are developing refractories using raw materials that release lower carbon emissions and are recyclable. For instance, bio-based binders are being used in carbon-based refractories as a substitute for conventional materials. Also, recycled clay containing high iron content is used as a substitute for traditional raw materials. Such eco-friendly product launches are expected to gain traction in the coming years thereby driving the green refractories market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as refractories require high capital investments to establish production plants and distribution channels.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have many established players to choose from however changing suppliers involves significant switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in refractories such as clay and magnesite have few substitutes however established suppliers have significant bargaining power.
Threat of new substitutes: The threat of new substitutes is low as substitutes for high temperature materials are limited and developing new materials requires significant investments.
Competitive rivalry: The competitive rivalry is high among established players due to their global presence and capabilities to produce customized products.
Key Takeaways
The global Refractories Market Growth size was valued at USD 66374.39 Million in 2024 and is projected to reach USD 94064.23 Million by 2031, growing at a CAGR of 4.6% during the forecast period.
Regional analysis shows that Asia Pacific dominated the global market in 2024 and is likely to maintain its lead during the forecast period. China accounted for the largest market share in the region due to robust demand from iron & steel industry.
Key players operating in the refractories market are Vesuvius, RHI Magnesita, Krosaki Harima, Shinagawa Refractories, Saint-Gobain, Corning Incorporated, Morgan Advanced Materials, Coorstek Incorporated, Ceramtec GmbH, and Chosun Refractories ENG Co. Ltd. Vesuvius and RHI Magnesita captured over one-third of the total market share in 2024. Refractories have wide applications in iron & steel, cement, non-ferrous metals, glass and other industries where materials need to withstand high temperatures. Growth of these end-use industries is anticipated to propel refractory demand during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
